Claim your $150k Government Instant Asset Write-Off!
June 03, 2019
The Government has both increased & extended instant asset write-off.
On 9 June 2020, the government announced it will extend the $150,000 instant asset write-off until 31 December 2020.
From 12 March 2020 until 30 June 2020 the instant asset write-off:
- threshold amount for each asset is $150,000 (up from $30,000)
- eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).
So what does this mean to me?
As a qualified business, you can claim a deduction of up to $150,000 for the business portion of each asset purchased, first used, or installed from from 12 March 2020 until 30 June 2020.